Financial Performance - For the three months ended September 30, 2025, the company reported a net loss of $15,433,911, primarily due to a change in fair value of warrant liabilities amounting to $14,278,490 and general and administrative expenses of $2,940,901[151]. - For the nine months ended September 30, 2025, the company had a net loss of $14,649,991, which included a change in fair value of warrant liabilities of $15,355,000 and general and administrative expenses of $4,675,665[152]. - For the period from June 13, 2024, to September 30, 2024, the net loss was $52,461, influenced by formation costs of $16,241 and operating costs of $15,420[161]. Capital and Funding - The company generated gross proceeds of $166,000,000 from the initial public offering of 16,600,000 Units at $10.00 per Unit, along with an additional $5,985,000 from the sale of 5,985,000 private placement warrants[156]. - A total of $166,415,000 was placed in the trust account following the initial public offering and related transactions, with $10,605,256 incurred in offering-related costs[157]. - The company may receive loans up to $1,500,000 from sponsors or affiliates, which can be converted into private placement warrants at $1.00 per warrant[164]. Operating Activities - The company has incurred net cash used in operating activities of $1,607,589 for the nine months ended September 30, 2025[160]. - The company has not generated any operating revenues to date and does not expect to do so until after the completion of its initial business combination[150]. - The company held $482,352 in cash outside the trust account as of September 30, 2025, primarily for evaluating target businesses and due diligence[163]. Business Combination and Future Plans - The company expects to continue incurring significant costs in pursuit of its acquisition plans, with no assurance of successful completion of a business combination[138]. - The company has a working capital deficit and significant future costs, raising doubts about its ability to continue as a going concern within one year[167]. - The company has an agreement to pay $30,000 per month for office space and related services starting November 21, 2024, until a business combination is completed[169]. Regulatory and Compliance - The company announced a change of ticker symbols for its Class A ordinary shares, units, and public warrants from "DYNX," "DYNXU," and "DYNXW" to "ETHM," "ETHMU," and "ETHMW," respectively[141]. - A registration rights agreement allows holders of certain securities to demand registration, with specific conditions regarding the lockup period[173]. - The company is evaluating the impact of adopting ASU 2024-03, which requires additional disclosures about expense categories starting in fiscal years after December 15, 2026[175]. Advisory and Service Costs - The company has paid $178,742 and $546,375 to the service provider for advisory services for the three and nine months ended September 30, 2025, respectively[159]. - The underwriters from the initial public offering are entitled to a cash underwriting fee of $3,320,000, with a deferred fee payable upon the completion of the initial business combination[172]. Financial Position - As of September 30, 2025, the company had $171,904,018 in mutual funds primarily invested in money market funds held in the trust account, intended for the initial business combination[162]. - There are no off-balance sheet arrangements as of September 30, 2025, and no long-term debt or capital lease obligations[168].
Dynamix Corporation(DYNXU) - 2025 Q3 - Quarterly Report